If you are looking for a “Head Scratcher” wave count, then Platinum will provide it for us! As much I would love to turn bullish on Platinum there is a good chance the bear trend is not over just yet.
We do have a quadruple bottom base at the $755 price level but that does not mean it will hold and then soar in a new bullish phase. The wedge pattern sure is a bullish signal, but the present pattern could push to a new record low just the same. Commercial traders are still net short so that sure gives me pause in chasing a very bullish wave count.
All Commodities run on the diagonal wave structure and Platinum has its fair share of diagonal waves which are zigzags connected together. I think the 2008 peak is wave 3 in Cycle degree but that produced a Primary degree wave count that I could not make fit.
After the 2008 peak, I had to drop down my degree level by one, as the odds of a Cycle degree 4th wave finish in the near future is still very slim at this time.
I would love to be more bullish but the commercials do not support it.
Being too early does produce a bunch of pain due to the leverage built into all commodities. Even the ETF, PPLT will give you pain if we are too early. PPLT is about 1/10 the price of a single Platinum ounce and is sitting around $78.80 USD.